Genmab Remains Dependent on Darzalex Gains; Maintaining Fair Value Estimate of DKK 1,160
We are maintaining our fair value estimate of DKK 1,160 per share for Genmab. The no-moat company posted solid top-line growth, but development expenses weighed on the second quarter's bottom line, slightly offset by positive foreign exchange effects. Royalties for Darzalex for multiple myeloma grew 59% year over year, contributing over 75% of total revenue and more than offsetting an expected decline in royalties from Arzerra for chronic lymphocytic leukemia, which contributes just over 1% to t...Genmab is a biotechnology company specializing in the creation and development of differentiated human antibody therapeutics focused on the treatment of cancer. Co.'s product pipeline includes one marketed product, Arzerra, daratumumab in late stage clinical development, four antibodies in clinical development, and over 20 in-house and partnered pre-clinical programs. Co.'s Arzerra (ofatumumab) is a human monoclonal antibody which targets an epitope on the CD20 molecule. Co.'s proprietary technologies include the DuoBody technology, which creates antibodies that can target two molecules at once, and the HexaBody technology, which allows for the creation of more potent antibodies.
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